This web page provides information in on the activities of the Office, views of the IMF staff, and the relations between Madagascar and the IMF. Additional information can be found on Madagascar and IMF country page, including official IMF reports and Executive Board documents in English and French that deal with Madagascar.
At a Glance
- Current IMF membership: 190 countries
- Madagascar joined the Fund in September 25, 1963; Accepted the obligations of Article VIII, Sections 2, 3 and 4: September 18, 1996
- Total Quotas: SDR 244.4 Million
- Loans outstanding: SDR 308.6 Million (March 31, 2020)
- Article IV/Country Report No. 20/60 (March 3, 2020)
Office Activities
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Workshop on selected issues papers under the 2022 article IV consultation
The IMF Resident Representative’s Office, jointly with the Ministry of Economy and Finance, organized a hybrid closed-door workshop on February 3, 2023 at the Hotel du Louvre.
February 3, 2023
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Interview on social spending and cooperation between Madagascar and the IMF
Article from Midi-Madagasikara (in French)
January 18, 2022
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Interview on IMF priorities for a new program for Madagascar under the Extended Credit Facility
Article from The Africa Report
February 19, 2021
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Article from Les Nouvelles (in French)
February 7, 2020
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“Regional Economic Outlook – Competition, Competitivity, and Growth"
Presentation delivered at the Chamber of Commerce and Industry of Antananarivo (in French)
January 21, 2020
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Q&A session at the Finance Commission of the Senate
Article from Journal Malaza (in French)
November 7, 2019
Madagascar and the IMF
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June 29, 2023
Series:Country Report No. 2023/239
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June 22, 2023
The Executive Board of the International Monetary Fund (IMF) completed yesterday the fourth review of Madagascar’s economic program under the Extended Credit Facility (ECF). The completion of the review enables the disbursement of SDR 24.44 million (about US$ 32.7 million) to cover external and fiscal financing needs, bringing total disbursements under the arrangement to SDR 171.08 million (about US$ 228.7million).
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Informality and Growth in Madagascar: Republic of Madagascar
June 5, 2023
Author/Editor:Ghislain Afavi | Coffi Agossou | Mokhtar Benlamine | Ialy Rasoamanana | Nombàna Razafinisoa | Veronique Salins
Series:Selected Issues Paper No. 2023/036 -
Social Spending and Outcomes in Madagascar: Republic of Madagascar
June 5, 2023
Author/Editor:Samah Mazraani
Series:Selected Issues Paper No. 2023/035 -
Food Insecurity and Climate Shocks in Madagascar: Republic of Madagascar
June 5, 2023
Author/Editor:Dominique Fayad
Series:Selected Issues Paper No. 2023/037
Regional Economic Outlook
April 19, 2024
A Tepid and Pricey RecoveryAfter four turbulent years, the outlook for sub-Saharan Africa is gradually improving. Growth will rise from 3.4 percent in 2023 to 3.8 percent in 2024, with nearly two thirds of countries anticipating higher growth. Economic recovery is expected to continue beyond this year, with growth projections reaching 4.0 percent in 2025. Additionally, inflation has almost halved, public debt ratios have broadly stabilized, and several countries have recently issued Eurobonds, ending a two-year hiatus from international markets. However, not all is favorable and risks to the outlook remain tilted to the downside. The funding squeeze persists as the region’s governments continue to grapple with financing shortages, high borrowing costs, and impending debt repayments. Amid the challenges, sub-Saharan African countries will need additional support from the international community to develop a more inclusive, sustainable, and prosperous future.
Read the Report
Fraudulent Scam Emails Using the Name of the IMF
We would like to bring to the notice of the general public that several variants of financial scam letters purporting to be sanctioned by the International Monetary Fund (IMF) or authored by high ranking IMF officials are currently in circulation, and may appear on official letterhead containing the IMF logo. The scam letters instruct potential victims to contact the IMF for issuance of a “Certificate of International Capital Transfer” or other forms of approval, to enable them receives large sums of monies as beneficiaries. The contact e-mail information is always BOGUS and unsuspecting individuals are then requested to send their personal banking details which the scammers utilize for their fraudulent activities.For more information please see Fraudulent Scam Emails Using the Name of the IMF
Departmental Papers of Africa
The Departmental African Paper Series covers research on sub-Saharan Africa conducted by International Monetary Fund (IMF) staff, particularly on issues of broad regional or cross-country interest. The views expressed in these papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF Management.